BEARISH IDEAL GARTLEY

The Gartley pattern was outlined by H.M. Gartley in his book Profits in the Stock Market, published in 1935. Although the pattern is named "The Gartley ," the
book did not discuss specific Fibonacci retracements! It was not until "The Harmonic Trader" was released that the specific retracements of the B point at a .618
and the D point at a .786 were assigned to the pattern. There are others who have assigned Fibonacci retracements to this framework. However, they use a
variety of Fibonacci numbers at the B and D points. Despite these variations, the Fibonacci retracements that yield the most reliable reversals are the .618 at the
B point and the .786 at the D point. Furthermore, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 0.786 XA
retracement and the BC projection (either 1.27 or 1.618). The most critical aspect of the Gartley is the B point retracement, which must be at a 0.618 of the XA
leg
TRADE RECOMMENDATION:
OPEN SHORT POSITION AT $1187
STOP LOSS AT 1208
TAKE PROFIT AT 1084
RATIO 1:5
TARGET DURATION: 5 WEEKS
CALL OPTION SELL 1210
PUT OPTION BUY 1180